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Dear Jimmy,
Many thanks for the very informative response to my query re storage space.
In this case the common property space has been utilised by some resident owners for storage as well as some repair and maintainence work. This informal co-operative use goes back over 30 years and has operated well without any problems until quite recently.
Yes, as you say, some owners are now ‘leaning towards’ this space being divided equally, and legally allocated to the individual lots as ‘storage space’.
Those promoting this approach claim that this “may ” add $20 000 to $30 000 to the value of each individual unit. Naturally this possibility will be attractive to many owners because, assuming an average unit value of $600 000, this would represent an overall increase in value of between 4% and 5%. Other owners are skeptical of this claim and wish to get a realistic idea of [as you say] “how much more attractive the storage [would] make your apartments to potential buyers.” Is a 4% to 5% increase in value a reasonable assessment in your opinion ?
Muffin